Market Looking To Find It's Feet....
April 21st, 2010 by Lawrence Grasso
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 11,117.06 | 25.01 | 0.2% |
| NASDAQ | 2,500.31 | 20.2 | 0.8% |
| S P 500 | 1,207.17 | 9.65 | 0.8% |
| FTSE 100 | 5,783.69 | 55.78 | 1.0% |
| Nikkei 225 | 10,900.68 | -8.09 | -0.1% |
| ASX 200 | 4,925.80 | 10.7 | 0.2% |
| COMEX Gold - Dec 09 | 1,139.10 | 3.3 | 0.3% |
| COMEX Silver - Sep 09 | 17.821 | 0.09 | 0.5% |
| COMEX Copper - Sep 09 | 351.1 | 1.4 | 0.4% |
| WTI Spot | 84 | 0.89 | 1.1% |
| AUD-USD | 0.9318 | 0.0076 | 0.8% |
| Aluminium | 2,339.00 | -108.5 | -4.4% |
| Copper | 7,656.00 | -249.5 | -3.2% |
| Lead | 2,187.50 | -180.5 | -7.6% |
| Nickel | 26,405.00 | -1195 | -4.3% |
| Tin | 18,700.00 | -435 | -2.3% |
| Zinc | 2,332.00 | -156.5 | -6.3% |
U.S. stocks climbed on Tuesday despite declines in Goldman Sachs and International Business Machines after their earnings reports. Investors were encouraged by the quarterly results from other companies, including Snap-On.
A rise in oil priceslifted energy giants Exxon Mobil and Chevron helping the Dow Jones Industrial Average climbed 25.01 points, or .23%, to 11117.06.
On the Asian front China's shares fell slightly to their lowest closing level in a month, as investors remained cautious over the government's latest measures to rein in speculation in the property market.
On the Local front the Australian market should open the session higher with a nice rebound on Commodities overnight. Look for the XJO to open up 40 points around the 4965 level and try to find some support at these levels throughout the day.
BHP will be in the spot light today with a strong quarterly production report showing great numbers with Iron Ore, Nickel and Coal. This performance may be overshadowed by a recent a corruption investigation in the U.S. The miner would not say on Wednesday where the possible violations occurred, except to say that they did not involve China, or BHP Billiton's marketing or sales activities. The company said the matter related "primarily to certain terminated minerals exploration projects.
The Financial sector will also follow through to the upside today, as the ADR’S overnight showed the majors having a nice run.
For those clients waiting on the side lines I would recommend to start adding positions to their portfolio as any major dips over the next month should be seen as buying opportunities.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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